8 Most Effective Ways To Use Your 2024 Tax Refund To Improve Home Efficiency
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
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If you’ve been meaning to get around to improving the efficiency of your home in one way or another to reduce your energy bills, putting your 2024 tax refund toward this cause is a great idea.
Not only do upgrades often immediately save you energy, many of them also come with additional tax rebates or credits, making your money count further. Additionally, upgrades can often improve the value of your home, as well, increasing your equity or potential resale value.
Here are eight of the most effective ways to improve your home efficiency, all of them potentially available for a federal tax credit, if you meet U.S. Department of Energy eligibility requirements.
Shift From a Gas to Electric Stove
While a gas stove may appear to be better at heating more quickly, according to the U.S. DOE, electric stoves put your gas stove to shame, by being about three times more energy efficient. If you want to get even more efficiency, consider an induction stove instead.
Upgrade to a Heat Pump
Heating a home is one of the most energy inefficient processes, especially if you live in a truly cold climate in the winter months. If you’re relying on a furnace or baseboard style heater, a heat pump can reduce your electricity use by up to 65% and still help you keep your home at a comfortable temperature.
Put In Efficient Exterior Doors
Your first thought when considering energy efficiency might not be doors, but exterior doors are often a culprit of big air leakage. The older and less poorly insulated or sealed they are, the bigger the problem. Upgrading to energy-efficient exterior doors can reduce energy costs by a significant amount.
Improve Skylights
Skylights can be more than just a pretty way to let in extra light in your house — upgrades can turn them into methods for protecting against energy loss in your home.
Upgrades might include glazing or coating tints, or adding translucent insulation between glazing layers. They can even be upgraded to include ventilation in the proper months, to release hot air building up in your home.
Replace Hot Water Boiler/Heater
It’s easy to take hot water for granted for hot showers and dishwashing. That heat has to come from somewhere, and many water heaters/boilers are old and energy inefficient. According to the U.S. DOE, water heating may account for as much as 20% of home energy use. Upgrading to an efficient water heater can save you money quickly.
Address Duct and Insulation Sealing
Well-sealed, intact ducts carry hot and cool air to rooms in your home. If old or poorly connected, however, they can leak away a good 20% to 30% of the air they carry. By paying for proper sealing of your ducts, or replacing old ones, you can potentially lower your energy bill. The same goes for seals and insulation anywhere in your home.
Upgrade To Energy Efficient Windows
Single-paned, or old windows, offer you very little function except transparency to see outside. Homes with inefficient windows lose between 25% and 30% of their energy for heating and cooling this way. Whether you replace windows entirely, or add better weather stripping, tinting, awnings or blinds, improvements will benefit your energy bill.
Install a High Efficiency Air Conditioner
While months warm enough to warrant your air conditioner may seem a ways away now, this is exactly when you want to upgrade your air conditioner to a high-efficiency version. By the time it’s hot enough to use, you could save a mint on air conditioning costs. The U.S. DOE reported that a high efficiency air conditioner can reduce your energy expenditure for cooling by 50%.
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